Slotnik Capital LLC Acquires Shares of 77,762 Rocket Companies, Inc. $RKT

Slotnik Capital LLC bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the 3rd quarter, HoldingsChannel reports. The fund bought 77,762 shares of the company’s stock, valued at approximately $1,507,000. Rocket Companies accounts for about 0.5% of Slotnik Capital LLC’s holdings, making the stock its 19th biggest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new position in Rocket Companies in the third quarter valued at about $25,000. Miller Wealth Advisors LLC increased its holdings in shares of Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after buying an additional 650 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in shares of Rocket Companies in the third quarter valued at approximately $38,000. Newbridge Financial Services Group Inc. raised its stake in shares of Rocket Companies by 875.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after acquiring an additional 1,750 shares during the last quarter. Finally, CX Institutional acquired a new position in shares of Rocket Companies in the 3rd quarter worth approximately $39,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Price Performance

RKT opened at $14.14 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The stock has a market capitalization of $29.75 billion, a P/E ratio of -108.73 and a beta of 2.30. The company’s 50 day simple moving average is $19.22 and its 200-day simple moving average is $18.72. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the company posted $0.04 EPS. Rocket Companies’s revenue was up 52.2% on a year-over-year basis. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RKT. Jefferies Financial Group assumed coverage on Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 price target on the stock. JPMorgan Chase & Co. started coverage on Rocket Companies in a research report on Monday, January 12th. They issued a “neutral” rating and a $24.00 price objective for the company. Compass Point began coverage on Rocket Companies in a research note on Tuesday. They issued a “buy” rating and a $21.00 price objective on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Finally, BTIG Research restated a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a research note on Wednesday, November 19th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.67.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 22,500 shares of company stock worth $453,775 in the last ninety days. Insiders own 92.64% of the company’s stock.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.